Daily Archives: November 14, 2015

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Paris, France: We stand by you!

New Century, now Carrington, did not own promissory note or deed of trust, and could not legally transfer lien

robosigned document

And which making it impossible for Carrington or Wells Fargo to legally enforce the lien.

Wolf Transfer of Lien (NCMC to WF), 10.15.2009

Notice that from the Wolf vs. Wells Fargo lawsuit, the transfer of lien document was signed by Tom Croft, Vice President of REO for New Century Mortgage Corporation. Croft, according to Linkedin website of the Senior Vice President of REO for Carrington: https://www.linkedin.com/in/tom-croft-388a5613. There is a major problem: New Century filed bankruptcy in 2007 and Carrington Mortgage brought New Century. The second problem is the transfer of lien document was recorded in 2009. Here is the SEC filing for Carrington Mortgage Trust, Series 2006-NC3:

0001369384 Carrington Mortgage Loan Trust, Series 2006-NC3
SIC: 6189 – ASSET-BACKED SECURITIES

Wells Fargo Must Pay $5.4M In Robosigning Foreclosure Row

Wolf vs. Wells Fargo…

H/T Marie McDonnell

Below, I have attached the jury award from the Wolf v. Wells Fargo trial. The jury concluded its deliberations on Tuesday afternoon, November 10th.
It is my belief that this is the first jury verdict of its kind where the jury was asked to determine whether a robo-signed Transfer of Lien (assignment of mortgage) was fraudulent, and on that basis, award damages.
The jury awarded the Wolfs $190,000 in actual and emotional distress damages; $190,000 in attorneys’ fees — which is sufficient to take them through an appeal all the way up to the Texas Supreme Court; and $5 million in punitive damages to be paid equally by Wells Fargo and Carrington.
Plaintiffs David and Mary Ellen Wolf testified on their own behalf, and I testified as their expert.
I explained to the jury the sequence of “true sales” that were necessary to properly securitize the Wolfs’ mortgage loan using my “Securitization Flow Chart” which I have attached below.
Once the jury understood the requirements of the Mortgage Loan Purchase Agreement and the Pooling and Servicing Agreement, they were able to see why the Transfer of Lien executed by Tom Croft was fraudulent on the face of the document.
The Defendants called robo-signer Tom Croft and Clayton Gordon as witnesses, both of whom are employed by Carrington Mortgage Services, LLC.
The jury also found that even though Wells Fargo Bank was in physical possession of the original note, it did not own the mortgage loan because it was never securitized into the Carrington Mortgage Loan Trust, Series 2006-NC3 over which Wells Fargo serves as Trustee.
The jury verdict, and especially their finding that the Transfer of Lien was fraudulent, supports my findings in all of the registry of deeds audits I have conducted for:
  • John L. O’Brien, Register of Deeds, Essex Southern District, MA
  • Nancy J. Becker, Recorder of Deeds, Montgomery County, PA
  • Seattle City Council, Seattle, WA
  • In re: Mortgage Electronic Registration Systems, Inc. Litigation, Maricopa, Pima, and Pinal Counties, AZ
The jury verdict in the Wolf v. Wells Fargo trial is epic. Among other things, it demonstrates that when given all the facts, average people can distinguish the difference between “deadbeat borrowers” and a family who fell upon hard times and always tried to do the right thing.
This case should send a message of hope for others; it also provides a road map for cutting through the complexities of modern finance to arrive at a just result.

– See more at: http://stopforeclosurefraud.com/2015/11/13/wolf-vs-wells-fargo-wells-fargo-must-pay-5-4m-in-robosigning-foreclosure-row/#sthash.1BA386wO.dpuf

Law360, Los Angeles (November 12, 2015, 8:47 PM ET) — A Texas state jury awarded nearly $5.4 million to a couple accusing Wells Fargo NA and others of “robosigning” documents that led to the wrongful foreclosure of their home, holding that the banking giant knew that documents supporting the foreclosure were fraudulent.

After four days of trial and just four hours of deliberation, the jury on Tuesday found that there was “clear and convincing evidence” that Wells Fargo and Carrington Mortgage Services LLC knew that the supporting documents were a fraudulent claim on the property owned…

Source: Law360

90 – JURY VERDICT – Wolf (11.10.2015)

Wolf Transfer of Lien (NCMC to WF), 10.15.2009

MCDONNELL’S – SECURITIZATION FLOW CHART (WOLF) – NEW CENTURY.ins